Payday Loans: Myth vs. Reality

Choosing a UK payday loan lender is something which thousands do each and every year—and with good reason—but it seems some borrowers aren’t sure what to believe when it comes to payday loans. There are some who believe payday loans are bad for them and others who think they are good. In truth, there are lots of myths surrounding these loans and that makes them a lot less appealing. However, maybe it’s time to sort out the myths from reality. 

Myth: Once You Have a Payday Loan, There’s No Escaping

There is a very big myth stating that if you take out a payday loan, you are going to be stuck with that loan for the next two or three years. It’s easy to see why there are so many who believe that to be the case but, in reality, you can actually escape from a payday loan a lot sooner. If you take out a loan and set a reasonable time limit in which you pay the money back, you shouldn’t have a great deal of trouble. That’s very important to understand and remember. In reality, you can find once you take out a loan and make the payment at the end of the month, there’s no real issue. Payday loans don’t have to haunt you forever. Click here

Reality: You Get an Answer within Hours 

What people think is that, when applying for a payday loan, it will be impossible to get an answer within a few hours. Most people think this is a myth and that there’s no way to get approval in such a short period of time. However, the reality is that there are many good lenders that will review an application and offer an answer within a few hours. Most try to offer a response within 24 hours which is ideal. Finding a suitable UK payday loan lender can be important and most will attempt to offer fast approval for most borrowers. 

Sort Out the Facts from Fiction

To be honest, there are lots of myths that are believed when it comes to payday loans and it’s easy to see why. Sometimes, if you don’t know too much about a subject you can honestly believe anything you read online as well as what other people say. However, in reality things are often very different. When you are interested in a payday loan, it’s best to learn more and read up on what the loans actually bring. It might allow you to sort out the fact from fiction and avoid believing the myths which aren’t actually true! 

Understand What a Payday Loan Is

When you are looking into the possibility of taking out a loan, you have to ensure you understand what you’re getting. While it might seem payday loans are not an ideal fit for every borrower, it doesn’t mean to say they aren’t right for you. What’s more, a good payday loan can make all the difference between getting a cheap loan and a very expensive one. It’s time to understand what you’re getting when it comes to a payday loan so that you can find a great UK payday loan lender.

How to Pay Off Payday Loans Faster

What are Payday Loans?

Payday Loansare short-term loans with a high-interest rate — the amount the lenders loans are between $50 to $1000. You can obtain a loan offer from a payday lender. It is a company that makes offers for easy financial services like currency exchange, license processing, and payment of utility bills. These loans are designed for individuals who need some quick money to solve an immediate pressing need, which popped up before their paycheck arrived. They are created to provide fast and easy money to handle minute emergencies that may arise.

Processes Involved in Accessing Payday Loans

Accessing payday loansis quite easy. Feel free to visit a physical lending outlet, or you can access the payday loans online. Here are a few steps involved in obtaining loans

  • Visit the lender

These establishments have outlets where you can walk in and fill an application. Some of them offer you the flexibility of filling the forms for the payday loans online.

  • Filling the Application

Most times, the application asks for your contact, banking, and employment information. The establishment might ask for the information of people close to you. This is to enable them to verify your identity. They may also have to call these sureties when you are not able to pay back the loan.

  • Pledge the Amount You Wish to Borrow

In this step, you will write and submit a check to the lender. The check is meant to state the amount you wish to borrow. This process also applies to those trying to access the loans online. The lender often adds an interest rate, so you will have to pay a certain percentage plus the principal amount while paying up for the loan. All loans come with an expiration date. So, be sure to pay the money before expiration in order not to incur any penalties. More details!

How to Pay Off Payday Loans Faster

Since payday loansare expensive, the debtors are always keen to clear their debt as soon as possible. This is to avoid incurring extra costs. If you wish you pay off your payday loansfaster, these are the steps to follow

  • Reduce unnecessary spending

There are necessary expenses like mortgage or rent, utility bills, council tasks, etc. These should not be neglected or suspended while trying to pay up your loans. You could cut off TV or music subscriptions during the repayment period.

  • Pay the loan in bits

It is recommended that you start making payments before the repayment date. You could pay in bits whenever you can spare some small amount of cash. With this, you can clear your loan faster and without stress.

  • Get an extra source of income

If your income is on the low side, adopting some side jobs could help you raise some cash. Use some side hustles to make extra cash. You could also sell some of your home items that are not in use.

Ease of access is what attracts most people to take payday loans. While taking those loans, it is also necessary to find ways of paying the loan faster. Our guide will help you with that. Click here for more information:


Title Loans Vs Payday Loans: Which Are Better?

Who isn’t searching for payday loans near me? Thousands of people each and every day are searching for loans, and it’s easy to see why. Borrowing money is a necessity at the best of times, and there are many borrowers who aren’t sure whether they should opt for a title loan or a payday loan. Do you know the difference between the two? Which loan is better? Why don’t you read on to find out about these loans?

What Is A Title Loan?

Title loans are loans which are leveled against a vehicle. Car title loans are quite popular as lenders will offer an amount against the value of the vehicle and offer repayment of thirty days. However, interest rates on title loans can be anything up to 300%. These loans are particularly risky as the overall interest rates can be extremely high. However, it’s vital to find a lender with an appropriate lending rate. That’s why people look at payday loans online as an alternative, as they think it may be a more suitable option to consider.

What Is A Payday Loan?

Payday loans are essentially a small, short-term loan that can range from a hundred dollars to a few thousand dollars. However, these loans usually are paid back the next time you are paid at work. So for example, if you get a loan on the fifteenth of the month, you may be required to pay the loan back on the thirtieth of the month, or the date you are paid at work. A lot of people look for payday loans near me simply because they believe it’s a simpler loan to obtain. In a way, payday loans are easier to qualify for and they are a lot more popular than many other short-term loans. Read more!

Which Loan Is Best?

To be honest, payday loans as well as title loans have risks attached with them. There is always an element of risk when borrowing money and these loans often come with a risk. The title loan has collateral against the vehicle so if you fail to repay, the vehicle can be taken as payment. With the payday loans online, they are unsecured, but that doesn’t mean to say the costs can’t still spiral out of control. There is no better option simply because loans should be the final resort. If you can, try to look at other options to raise cash or to save. If you have to borrow money, find a loan which is best for your needs and offers the best deal.

Choose a Loan with Care

Borrowing money is often a necessity for one reason or another, and taking out a loan is a very common occurrence in modern life. However, that doesn’t mean to say you still shouldn’t be careful or cautious. Title loans and payday loans offer a fast solution to borrowing, but they have risks attached to them, and that’s something to be very wary over. You must look at all borrowing options and find the one which is best for you. You might think payday loans near me is best, but think carefully before you apply for any loan. For more details, visit:

Payday loans in the United Kingdom

. Many people do not have savings or access to more traditional credit cards or loans, so the convenience of a regulated payday loan offers reassurance in case some money is needed quickly. If you need money quickly, cannot wait until the day of payment and is confident that you can make the essential repayments on the date of repayment; this could be the ideal solution for you. Here are the top 6 payday loans in the United Kingdom:

1. KwikCash

People in a crisis of the timeline can rush to KwikCash to get a convenient payday loan. You can receive a sum of one thousand pounds as fast as two hours at an annual percentage rate of 2670%, which means that if you have a loan of a sum of two hundred pounds, you will have to pay 248 pounds after a month. The maximum loan term is six months.

2. CashCowNow

This company understands the requirements of your payday loan; this is why it has such a low annual percentage rate of 1295%. You can keep the loans up to one hundred pounds to pay your bills for a maximum period of six months and the return.

3. Credio

Maximum loan of up to three hundred pounds can be used in a single day. What makes this payday loan lender ideal is the low-interest rate of the annual percentage rate of 117%, which means that if you borrow two hundred pounds for two months, you end up paying 253.

4. PoundstoPocket

With an extremely low annual percentage rate of 278%, this payday loan lender has all the features you request. You can obtain a maximum loan of up to two thousand pounds for a maximum period of 12 months. Since the annual percentage rate is low, you can easily cover your credit cost, for example, if you apply for a two hundred pound loan for six months, you will only have to pay only 289. Click here.

5. Community Payday

Get a loan in just 30 minutes and pay your fees as a boss. Given the competence, the cost of credit is a little high at 16534% annual percentage rate, which means that if you apply for a loan of two hundred pounds for 30 days, you will have to pay 301 pounds after 30 days.

6. Mr. Lender

The loan approval period is a bit high at three days, but the interest rate is actually low at 2216% annual percentage rate, so if you borrow two hundred pounds for 94 days, you end up paying 302 pounds. In addition to this, the maximum loan amount that can be borrowed is 10,000 pounds and, as such, the repayment period is six months.

7. LendFair

LendFair offers you the most economical offer for a payday loan. The representative annual percentage rate is only 48%, you can borrow an amazing 5000 pounds and can keep the borrowed money for up to five years. By far, this is one of the cheapest options to consider.

8. Wonga

Get your loan in just 30 minutes at an annual percentage rate of 5853%. Keep the borrowed money for 44 days.

In general, payday loans are convenient, easily accessible and offer a viable option for people who need money quickly for any reason. Click here for more information:

Why payday loans are a good idea

Payday loans have become one of the most sold modes by banks and financial institutions across the country. This is because this operation has a number of advantages, mainly for public employees, retirees and pensioners. One of the facilities of this type of loan is that, as the name itself denounces, the installments are deducted directly from the contractor’s payroll. Therefore, the debt ratio is lower as well as interest rates, since the bank has more guarantees that the client will pay the debt without difficulties. Any employee who works with a formal contract can apply for the loan at a discounted rate. There are no major constraints on values. What limits the credit is the monthly salary, since,it is highly advisable, that the installments should not exceed 35% of the total monthly net income.

How to get the best payday loans online

Those interested in taking Payday loans should pay attention to the amount requested: instalments cannot exceed 35% of net monthly income. In addition to working with a formal contract, the employee must be in that scheme for at least six months to request the operation. Although the leaf discount loan is more offered to public servants, retirees and people who get help from the government, employees of private companies that have an agreement with the client’s bank, as well as members of the union of the category, can get Payday loans online.

If your company has an agreement, you only need to apply for the cash discount loan in HR. In these cases, a proposal is sent to the bank and, most of the time, it is approved, since the partnership guarantees the bank access to the payroll, which is necessary to obtain this type of loan. See more.

What if the bank says no?

In some cases, the bank may reject the proposal sent by the company if it considers that the customer does not have good payment terms. After approval, the loan amount is deposited in the current account and the following month, the installments are deducted from the employee’s payroll on the day agreed with the bank. It is important to take money into account on the scheduled date so you do not have problems.

If you want, you can also borrow directly from the bank, but financial institutions often give preference to contracts entered into in partnership with companies and unions. In short, if you want to get Payday loans, go to your company or your union to find out how you can apply for the deal.

What if there is a layoff?

Many consumers are afraid to take out Payday loans on their payroll and have problems if they are laid off. In these cases, even with one resignation, the risks of default are smaller, compared to other lending modalities. Even though this is a possibility that will make any person worry, it is important to evaluate the options and know that these Payday loans are the best options for those who are looking for low interest loans. Click here for more information:

Payday Loans: The Good and the Bad

The one thing that more and more seem to be searching for has to be payday loans. There is no end of sight for these loans as their popularity has grown dramatically over the last decade. There is no stopping and it seems as though they are the number one choice for many borrowers. However, before you apply for a payday loan, shouldn’t you get to know the good and the bad? Understanding just what the risks and rewards of the payday loan can make your choice far easier. Read on to find out more about the good and not-so-good points of the payday loan.

Easy to Apply and Quick Answers

One great thing about using a payday loan has to be how easy it is to apply for the loan. All you have to do is go online, fill in a few details and that’s that! That is really great and so unique and the best next of all—you get a quick response. Being able to apply and get an answer over your loan within the space of one day, or potentially a few hours, can be ideal and really quite useful. That is one of the great things about payday loans near me. They can offer fast response times and it will help those who are in need of quick cash.

Borrower Small Amounts over Short Periods of Time

Another great thing about payday loans is that you have the ability to borrower a far smaller amount than you might be able to with other loans. Most lenders want to ensure lending money is worth their time and sometimes, traditional lenders will say handing over a few hundred is just not worth it. However, when you look at payday loans you get smaller loans and while you have to repay within a few weeks, you can find that helps you to keep on track of your finances. Being able to borrow money for a shorter period of time can suit a lot of borrowers.

Higher Interest and Short Repayment Time-Frames

However, while there are a lot of good things about a payday loan, there are also some not-so-good things about them. One very major problem is the high interest and fees that are attached to the loans. Most lenders will have a higher rate of interest since it’s a short-term loan which can put a lot of borrowers off. What’s more, some borrowers might find the repayment time is just too tight for them and not really suitable. Payday loans near me are great but they aren’t without their risks at times. More explained here:

Understand What You’re Getting so You Don’t Make the Wrong Decision

Payday loans have become highly popular and while they do offer some great elements, there are also risks to consider. You have to be sure you are happy with the rewards and risks and ensure for you, the good points outweigh the bad ones. When you know what you need to about these loans, you can make a good and informed decision. Payday loans do offer lots of quality but they have to work for you in the short-term too.

Easy Steps to Help You Choose the Right Payday Loan Lender Online

If you are choosing payday loans online, you have to ensure the lender you choose is the right one for you. Far too many borrowers think all lenders are the same and that it doesn’t really matter which one you choose. However, the lender you choose will determine if you are getting a good loan or a bad one. It has never been more important to choose the right payday loan lender online and there are lots of simple steps for you to take to do just that.

Work Out How Much You Can Afford to Borrow

A payday loan is designed to be a short-term loan so while you might say you want to borrow a $1000 or more, will you actually be able to pay that back within the next two or three weeks? Let’s be honest, if it’s going to be a struggle, it’s not wise borrowing that amount of money. In order to find the best payday loan lenders you have to first understand your means. What can you really afford? Some payday loans lenders will offer thousands but if it’s not financially suitable for you, it’s a waste. It’s time to look at what you can afford to borrow.

Look at the Lender’s Interest Rates and Lending Fees

Once you know how much you can afford to borrow you need to look at the type of interest fees the lender will charge. Are you going to be facing high interest rates on top of high lending fees? You need to know these fees so that you can be first of all happy with them and secondly understand the fee structure. You don’t want to face any hidden fees and you certainly want to ensure you are getting the best deal for your finances as well. When looking at payday loan online you have to ensure the lender offers a decent interest rate.

Is the Reputation of the Lender Good or Bad?

You should spend some time looking closely at the background of the lending company and seeing what others have been saying about them. When you do this, you can potentially help your search in finding the right lender. Payday loans are easy enough to find but you want a great lender otherwise you will end up with a terrible loan. You should look at the reputation of the lender and whether or not their reputations are good or not-so-good. Reputations mean a lot in this business and you want to get a trusted lender too.

Get the Right Lender

Choosing the right payday lender is not always easy. There are lots of lenders online and for most borrowers; they don’t know where to start looking. It can be very difficult to get the right lender but there are ways to make things far easier for everyone. The above steps are just a few to consider and you never know how useful they can be to enable your search a success. Find the best payday loan online lenders today.

Do Direct Payday Loan Lenders Help Your Budget Control?

Payday loans online are very popular. In fact, there are now millions per year borrowing from payday loan lenders and it does seem as though more will rely on them. However, you can’t really blame people for looking at these loans as they can be very impressive and very useful at the best and worst of times. For most, they love the idea of being able to take out a loan and get the help and financial support they need. However, if you borrow money from direct payday loan lenders, will it really enable you to budget better? Will there be any budget control with these loans?

Understanding How Your Money Has to Be Sorted Out

In a way, using payday loans can be very useful. You might not think it’s necessary or any use when you want to learn about handling your finances or budget control and yet they do. When you have to manage a loan in such a short period of time, you can adapt and learn how to manage your money better. What’s more, you can learn about budgeting for additional expenses and that might help you in the long-term too so that you don’t always have to rely on loans. Of course, these loans still have a few risks but if you understand those risks then you shouldn’t have too much trouble.

A Better Understanding of Money

When you take out a loan, any loan in fact, and you have to start making payments you will instantly see how difficult it can be to manage your cash. However, in a way, it can be a good thing for you simply because you have a better understanding and can learn your money doesn’t stretch far enough and the way you handle it now, it’s just not working. With payday loans online you can potentially help yourself to learn more about budget control and how you can handle your money more effectively. There has never been a better time to do this and in reality it’s something which more and more find useful.

Budget Wisely with and without Loans

Being able to manage your money a little better can enable you to learn the true value of money and to potentially divide your money so you know what you can and can’t afford to spend. What’s more, you might be able to ensure the necessity are paid for and if anything is left over, you could put that towards a little treat for yourself at the end of the month. Having good budget control will help you to manage a home and to just quite simply manage your finances better. Payday loans can help in a big way.

Make Your Finances Easy

It’s not always easy to work with your finances as there are lots of issues to deal with and for most people, they struggle with some areas. However, you don’t always have to struggle and with a payday loan you might be able to learn a little more about managing your money and budget control. These things are important and really you are going to see a real difference when you understand budget control a lot better.Payday loans online can be very useful and they might be able to help you when you need it most.